One of the nicest things a parent can do for a child is teach them the basics about business by encouraging them to start their own business online. Starting a business, even a small-scale business, can be an excellent learning tool and a great start to bigger and better things. Kids that receive an entrepreneurial education are likely to become confident leaders and live successful lives as they get older.
Unfortunately, entrepreneurship is not something commonly taught in most schools. So kids either have to strike out on their own, or if they are lucky, they have parents willing to go that extra step and help them. Parents willing to help kids start their own business online (or offline) will reap huge benefits for years to come. And the best part is, the entire process is not only fun, it can also be a fantastic way to strengthen parent-child bonds.
Begin With The Basics
Deciding on the type of business is usually the first step in the process. In some instances, the child will have very specific ideas about what the business should be, but in others, he or she may not be so sure. The important thing is to go with something of interest to the child, and something that has the potential to grow.
Setting up an online business can be as simple as creating a WordPress blog and adding a few affiliate links, or it can be as involved as creating products that will be sold. Of course, there are many other options available, too. Businesses can be as personalized as the individual wants to make them.
The main benefit of encouraging kids to start their own businesses online is the fact that the experience itself will help instil a feeling of confidence. Self-confidence is often considered the number one requirement for leadership skills. In addition to this, other benefits related to specific business tasks and aspects are discussed below.
Setting Goals for the Business
Whether the business is based on affiliate sales or on product creation, setting goals is an important part of its success. Having business goals helps kids make the association between setting goals, working to achieve them, and ultimate success.
Sales and Other Opportunities
Running a business provides opportunities for growth, many of which are based on sales. Learning to recognize such opportunities will be a lifelong asset. Learning how to sell products and services and how to handle financial transactions is a life skill that everyone needs. It can help kids learn how to create an income and how to save money.
Every entrepreneur knows that marketing strategies require creativity. Kids are definitely known to be creative – they are naturals at this. Let their creative wheels turn and see what happens.
Although not every business finds great success, it should be noted that when a true effort has been made, there are no failures. Having a business brings with it many challenges, and with that there are sure to be times when things do not go as planned. This is to be expected. Parents should teach their kids to learn from these situations and move forward with new information.
Having an online business gives a perfect opportunity to practice effective communication techniques. Parents can work with kids on methods appropriate for online content as well as for communicating via phone, face-to-face, or mail when necessary.
Most online businesses are designed with a purpose of helping others in some way. This purpose can help kids see that it is important to be humble and to see the greater cause of a business or company. In other words, the purpose of a business is not just to make money for the owner; it is also to help other people.
As children develop a business of their own, they feel a sense of pride and self-worth; their self-confidence increases, and their self-esteem is boosted. These are kids that grow up to become independent, well-adjusted adults who are happy and successful.
Kids who have their own business are kids who are independent thinkers. They don’t look to others for answers; they take it upon themselves to find solutions. These kids are tomorrow’s leaders.
Do you (or would you) teach your kids about business? Would you encourage them to start their own business? Do you disagree with this and don’t think it is necessary to teach kids in this way? Please let us know your views and opinions by leaving a comment below!